Careers in Financial Services

The financial services sector plays a crucial role in the health of the economy. It helps individuals secure loans for their mortgages, car purchases and other expenses; allows businesses to expand by providing them with the capital they need to invest in themselves; and safeguards assets and personal income through insurance policies.

This industry comprises a wide variety of companies. It includes global payment providers, such as Visa and MasterCard; credit card networks and service providers; debt resolution companies; financial market utilities that enable stock, derivatives and commodity exchanges to function; and banks.

Many people who work in the financial services industry are paid on a salary + commission basis. This allows them to control their own earning potential and can lead to high salaries. In addition, many firms encourage professional development, meaning that employees can move upwards within their companies on the basis of their skillset and aptitude rather than tenure.

However, it is important to remember that this is a cyclical industry and as such job security isn’t guaranteed. Companies tend to hire heavily during periods of growth and then lay off a proportion of their staff in times of economic distress. Therefore, it’s wise to focus your attention on entry-level positions and internships that can help you gain a foothold in the industry. It’s also a good idea to find a mentor, as they can teach you valuable skills and help you stay on track with your career goals.

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